Type Of Mortgage Loans Available

Basic Types of FHA Home Loans. These loans are not for investors, landlords, flippers or other parties who don’t intend to live in the home. These types of mortgages, called FHA 203 (k) loans, are also available as a refinancing loan according to the FHA official site. The FHA also has a guaranteed loan especially for borrowers aged 62.

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The application for this type of loan is typically only one or two pages in length. Approvals (or denials) are generally granted within a few days. The downside is that the interest rates on these loans can be quite high: around 10% currently, for a standard 24-month loan, according to the Federal Reserve.

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Aside from specific loan programs, I want to highlight the different categories of mortgages available to prospective homeowners. Conforming Mortgage Loans and Non-Conforming Loans. Loans eligible for purchase by Fannie Mae and Freddie Mac; Are known as conforming because they adhere to their underwriting guidelines

6 Types of Home Loans: Which One Is Right for You. – Fixed-rate loan. The most common type of loan, a fixed-rate loan prescribes a single interest rate-and monthly payment-for the life of the loan, which is typically 15 or 30 years.